The federal bank deposit insurer is extending some regulatory relief to financial institutions to facilitate recovery in areas of Illinois affected by severe storms and flooding, the agency said Tuesday.
The Federal Deposit Insurance Corp. (FDIC), in a Financial Insitution Letter (FIL-49-2022), referred to severe storms and flooding that caused significant property damage in areas of the state from July 25-28, and for which a federal disaster was declared Oct. 14.
The agency said it is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by severe storms and flooding. It said banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.